Posted on 06/07/2023 2:06:46 PM PDT by CFW
US stocks wavered Wednesday after an unexpected interest rate hike from Canada, a surprise drop in Chinese exports and economic headwinds flagged by the Paris-based Organization for Economic Cooperation and Development (OECD) stoked fresh concerns about global growth.
The S&P 500 (^GSPC) slipped 0.38%, while the Dow Jones Industrial Average (^DJI) gained 0.29%, or less than 100 points. The technology-heavy Nasdaq Composite (^IXIC) fell 1.29%.
The Nasdaq 100 (^NDX) came under pressure as shares of Alphabet Inc. (GOOG) and Microsoft Corporation (MSFT) drifted lower by about 3%, respectively. The megacap tech companies had helped push the S&P 500 near a new bull market before retreating Wednesday.
The Bank of Canada hiked its key interest rate 25 basis points on Wednesday, ending its three-month pause on increases, as the Canadian economy is running too hot.
Official trade data released Wednesday added to the concerns around the post-pandemic recovery in the world's second-biggest economy, which have weighed on global markets. China’s exports slumped 7.5% from a year ago in May, compared with economists' expectations for a 0.4% decline.
(Excerpt) Read more at finance.yahoo.com ...
Welcome to the era of the Soylent Green New Deal.
Russell 2000 up big ... just rotation ...
The other thing that is ironic is the belief that raising interest rates is effective and targets the causes of inflation. It’s not about the federal spending, the waste, the dollars thrown at every issue so that the politicians reap a harvest and the problems grow more intractable.
The only people the economists fool are themselves. They screw up everything they touch. We need a broom to sweep them all, along with the FBI, DOE, deep state and university staff out to sea.
The Nasdaq is 30% above its bear market low.
Ignore the noise.
“Russell 2000 up big”
ISn’t the russell a small cap playground for the retail buy the dippers?
Really ..just wondering , I don’t watch the russell .... have no idea whats in it ..just what I’ve heard.
How much effect do you think the liquitady drain is going to have ? Or will we even see a drain?
To me it looks like we will see a battle .... pushing it in one end and pulling it out the other...
I know I’m getting hammered right now ... SHORT ... ha ha
I’ve been thinking about capitulation... but .. you know what happens then ...
Good thing I have nerves of steel !(and don’t play with $$ I can’t lose)
Here is a stock….smci
Here’s another one paying a good dividend, monthly. OXSQ. Putting here will guarantee that it goes down.
On tuesday my AMD stock went up about $6.40 and on Wednesday it went down about $6.40.....
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